Marcus & Millichap is pleased to present for sale 291 Broderick Street, a 17 unit trophy property in San Francisco’s iconic Haight Ashbury district. Owned by the same family for over three decades, the property is one of the finest examples of Classical Revival architecture in the Bay Area. The property has been maintained and updated to the most exacting standards throughout the owners’ stewardship of the asset. The list of recent capital improvements is extensive and not often seen in buildings of this kind.
The property, APN # 1219-001, is comprised of ten studios and seven 1-bedroom units as well as garage parking for 10 cars. Many units have walk-in closets which allow for many reconfiguration possibilities. Built in 1926, the building has a flat roof with a modified bitumen coating that appears to be in excellent condition. It is separately metered for gas and electricity (400 amp service). Each unit is heated with one or two electric wall heaters. There is a secure laundry room with top of the line machines serviced by WASH, and individual cubbies for each tenant.
An extensive soft story retrofit was recently completed on the property, the cost (over $200,000) can be passed through to the tenants by a new owner. New shear wall was installed in the Broderick Street garage as well as new footings, anchor bolts and tiedowns. The four individual garages along Oak Street were retrofitted with grade beams and moment frames. In 2016, the owner installed new wooden windows on the north, east and south facing exterior of the property (over 100 windows). A 13 head sprinkler system was installed in the garage area in 2016 as well as extensive siding repair and new paint on the exterior of the property. These upgrades, among others, total over $400,000 in recent capital improvements and may be passed through to the tenants.
Divisadero shops and restaurants are nearby. Buena Vista Park, Golden Gate Park, and Alamo Square within blocks. This is definitely a Pride of Ownership property with the benefit of having 49% rental upside.
